企业价值与股利政策英文文献Word文档下载推荐.docx

企业价值与股利政策英文文献Word文档下载推荐.docx

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企业价值与股利政策英文文献@#@Dividendpolicyandfirmvalue@#@Thedividenddecisionisanintegralpartofthefirm'@#@sstrategicfinancingdecision.Itessentiallyinvolvesafirm'@#@sdirectorsdecidinghowmuchofthefirm'@#@searnings,afterinterestandtaxes（EAIT,shouldbedistributedtothefirm'@#@sordinaryshareholdersinreturnfortheirinvestmentinthefirm,andhowmuchshouldberetainedtofinancefuturegrowthanddevelopment.（SterkandVandenberg2004441-55Theobjectiveofthefirm'@#@sdividenddecision,likeallfinancialdecisions,shouldbethemaximisationofshareholderwealth.Ifanoptimaldividendpolicydoesexistthenclearlymanagersshouldconcernthemselveswithitsdetermination;@#@ifitdoesnot,thenanydividendpolicywilldo,asonepolicywillbeequaltoanother.Itshouldbenotedthatthedividenddecisionanddividendpolicyrelateonlytoordinarysharecapital.（AsquithandMullins200377-96Thepaymentofpreferencesharedividendsisnotconsideredpartofafirm'@#@sdividendpolicy,asthelevelof,ormethodofcalculating,thepreferencedividendisfixedinadvancebythetermsandconditionsoftheoriginalpreferenceshareoffer.Onceadividendpolicyhasbeenformulated,settingouttheamountandtiming,etc.ofdividendpayments,itshouldbefollowedwithstabilityandconsistencyasitsguidingprinciples.Asweshalldiscusslater,changestoafirm'@#@sdividendpolicycanbeinterpretedinvariouswaysbythefinancialmarkets,sometimeswithdramaticconsequencesforthefirm'@#@sshareprice.Youwillnotethatthedividenddecisionismadeatthelevelofthefirm'@#@smostseniormanagers-atboardofdirectorlevel.Itisthedirectorswhowilldecidetheamountandtimingofdividendpayments.UnderUKcompanylawthedirectorscannotbecompelledtorecommendadividendandshareholderscannotvotethemselvesahigherdividendthanthatrecommendedbythedirectors.（BajajandVijh2004193PaymentofdividendsIntheUK,incommonwithmanyothercountries,dividendsareusuallypaidtoshareholderstwiceayear.Aninterimpaymentismadehalf-waythroughthefinancialyear,withafinalpaymentbeingmadeaftertheendofthefinancialyear.Dividendsarepaidtotheshareholderslistedonafirm'@#@sShareRegisteronaspecifieddate,knownastheRecordDate.（SterkandVandenberg2004441-55Inthestockmarket,sharesoflistedcompaniesaretradedonwhatisknownaseitheracum-dividendorex-dividendbasis.Alistedcompany'@#@ssharesaretradedcum-dividendforaperiodafterthecompanyannouncesitsresults,interimandfinal.Whenthesharesaretradingcum-dividend,buyersoftheshareswillbeentitledto@#@receivethedividendpayment.Whenthesharesaretradingex-dividend,buyerswillnotbeentitledtoreceiveadividendpayment.Thisexplainswhy（assumingtheabsenceofanyotherrelevantfactorsthereisusuallyadropinashare'@#@sprice,roughlyequivalenttothevalueofthedividendpershare,whenthesharegoesex-dividend.（Impson2005422-27Forinstance,distributingcapitalorcertaintypesofreserves（e.g.sharepremiumaccountasdividendsisprohibitedbycompanylaw.Thedeterminationofdistributableprofitsissetoutinadetailedcodeofstatutoryregulations.Forpublicandprivatecompanies,theCompaniesAct2003definesdistributableprofitsas:

@#@'@#@accumulatedrealisedprofits,sofarasnotpreviouslyutilisedbydistributionorcapitalisation,lessaccumulatedrealisedlosses,sofarasnotpreviouslywrittenoffinareductionorreorganisationofcapitaldulymade'@#@.Theselegalrestrictionsonthepaymentsofdividendsarenecessarytomaintainthecapitalofacompanyandtoprotecttherightsandclaimsofcreditors.Therelevance（orirrelevanceofdividendpolicytothevalueofthefirmhasbeenoneofthemostwidelyresearchedtopicsinfinanceandaccounting.Argumentshavebeenadvancedonallsidesoftheissue.Giventheinabilitytostructureasingleconceptualrelationshipbetweendividendpolicyandthevalueofthefirm,empiricalstudiesoftherelationshipbetweendividendsandfirmvaluehavetakenonincreasedimportance.Previousstudieshaveusedeithershort-runmeasuresofstockpriceorrisk-adjustedreturnstomeasurefirmvalue.（JoseandStevens2004652Dividendannouncementstudieshaveexaminedtheimmediatereactionofthefirm’sstockpricetoadividendannouncementtodetermineifthestockpricefallsbymoreorlessthantheamountofthedividend.Findingsfromannouncementstudiessuggestthatinvestorsdiscountdividends.Otherstudieshavetestedfortherelationshipbetweenrisk-adjustedreturnsanddividendyield.Usingshort-runholdingperiods,thesestudieshavefoundthatinvestorsrequirehigherrisk-adjustedreturnsfromhigherdividendyieldstocks.Whiletherearecontroversiesovertheshort-runmeasuresandassumptionsofassetpricingmodelsrelatingreturnstofirmvalue,theempi